Done deal: Ingram Micro now part of HNA Group
Ingram Micro is now officially part of Chinese giant HNA Group after the US$6 billion acquisition announced back in February successfully closed this week.
Ingram Micro will operate as a subsidiary of HNA Group's Tianjin Tianhai, a Shanghai Stock Exchange listed logistics, supply chain and financial services company.
Alain Monie, Ingram Micro chief executive, says the closing of the transaction represents a significant milestone on Ingram Micro's path to growing its business and providing a full spectrum of global technology and supply chain services to businesses around the world.
The deal provides Ingram Micro with a strong presence in China and makes the distributor part of a larger organisation with complementary logistics capabilities.
“We are delighted to move forward with this partnership with HNA Group and excited by the opportunity to accelerate the development and delivery of an even stronger value proposition for Ingram Micro's vendors and customers globally,” Monie says.
The distributor will remain based in California, with Monie remaining as chief executive. However, both chief financial officer William Humes, and executive vice president, secretary and general counsel Larry Boyd will leave their current positions with Ingram Micro, effective 16 December, and the company will also cease trading on the New York Stock Exchange.
Gina Mastantuono, who is currently the distributor's executive vice president, finance, will take over Humes role as CFO, with Augusto Aragone Coppola becoming executive vice president, secretary and general counsel.
Both Humes and Boyd have joined the board of directors for the company.
Adam Tan, HNA Group vice chairman and chief executive, says there are ‘significant' opportunities to expand Ingram Micro's delivery platform and portfolio of solutions offerings into high growth regions and provide customers across a wide range of industries with greater access to new market opportunities.
“With its well-established supply chain management expertise and broad portfolio of easy-to-use technology solutions, Ingram Micro exemplifies HNA Group's strategy of investing in companies with strong positions in growing markets in our core areas of focus,” Tan says.
He says the closing of the deal marks a significant step forward in HNA Group's efforts to create a global one-stop provider of logistics and supply chain solutions and services.